Question

In: Accounting

Conduct an internet search to identify a minimum of three types of non-assurance services that auditors...

Conduct an internet search to identify a minimum of three types of non-assurance services that auditors can provide. Discuss the nature of those services. In your discussion, include whether the services can be conducted along with assurance services to the same client without impairing the auditor’s independence.

Solutions

Expert Solution

Different types of non assurance services that auditor can provide:

1. Related services - related services comprises of reviews, agreed upon procedures and compilations. Out of these review involves giving assurance (i.e. negative assurance) and other two are non assurance services. Therefore only these two are discussed below-

  • Agreed upon procedures - in an engagement to perform agreed upon procedures, an auditor is engaged to carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings. The receipts of the report must form their own conclusions from the report by the auditor. The report is restricted to those parties that have agreed to the procedures to be performed since others, unaware of the reasons for the procedures, may misinterpret the results.
  • Compilations - in a compilations engagement, a member of the institute is engaged to use accounting expertise as opposed to auditing expertise to collect, classify and summarise financial information. The procedures employed are not designed and do not enable the member to express any assurance on the financial information.
Nature of services agreed upon services compilations
Level of assurance no assurance no assurance
Report provided factual findings of procedures identification of information compiled

2. Accounting and book keeping services - under this, client is helped to maintain records of various transactions and financial information in accordance with the applicable financial reporting framework and accounting standards. 3. Taxation services - under this, client is assisted to file tax returns and it doesn't involve providing assurance. Under this, various tax provisions are considered to see that the appropriate tax amount is paid to the tax departments.

Apart from these non assurance services there are many other non assurance services such as internal audit, design and implementation of any financial information system, actuarial services, management consulation services and others.

Out these non assurance services, tax services can be conducted ( subject to certain limited exceptions) along with assurance services to the same client without impairing the auditors independence. Where as the other non assurance services ( such as accounting and book keeping, management services and actuarial services) are specifically prohibited.     


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